Morning Market Insight

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Corn: steady

A weaker dollar helped support the corn market yesterday. Weather forecasts, for the next 7 days predict widespread precipitation which should be good for row crops seeing that there wasn’t much deterioration this last week. Brazil’s corn crop is doing very well, thus making it hard for the US to compete in the export market. Report expectations are for 89.82 million acres planted with stocks estimated at 5.16 billion. Technically we are still in a down trend for both the July and December contract and are holding good support at $3.65 and $3.75 respectfully.

Soybeans: 1 higher

Soybeans also managed to find some gains yesterday on commercial buying. Crop conditions decreased slightly, but wet weather forecasts could help with that. Estimated acres plated are close to 90 million acres, which would be the first time since 1983 that soybean acres surpasses corn acres. Technically, we are seeing a small bounce in both the July and November complexes, after touching lows at $9.07 and $9.00 futures respectfully.

Wheat: MPLS 9 higher. KC 1 higher.

Minneapolis wheat continues it run higher, and is now $2.30 higher than the Kansas City complex. It’s the same old story. Winter wheat harvest continues to progress with good yields, but low protein. Spring wheat country continues to deteriorate, and push the market higher. Technically speaking, Spring wheat just keeps heading up and up. Winter wheat seems to have found some support at $4.51

The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.